In accordance with the provisions of the Park Authorities Act
of the State of Virginia, Chapter 57 of Title 15.2 of the Code of
Virginia, as amended, the Town of Elkton, Virginia, does hereby create
a park authority to be known as the "Elkton Park Authority" (hereinafter
referred to as "the Authority").

To
arrange for the maintenance and operation of parks and park facilities
in the Town of Elkton by the State of Virginia, the United States
government or any park authority or park commission with which it
may agree.

The Authority shall enjoy all the powers authorized under the
Park Authorities Act and shall continue in existence until August
20, 2031, unless the Town Council of Elkton provides for an earlier
termination, provided that the existence of the Authority may not
be terminated after any obligation has been incurred by the Authority
and while any such obligation remains binding unless the Town Council
of Elkton, Virginia, agrees to assume and pay said obligation.

The Authority shall have six members, who shall be appointed
by the Town Council in accordance with the Park Authorities Act. The
members of the Authority shall elect one of their members Chair of
the Authority and shall elect a secretary and a treasurer who need
not be members of the Authority. The office of secretary and treasurer
may be combined.

All monies received by the Authority shall be deemed to be trust
funds, to be held and applied solely as provided in Chapter 57 of
Title 15.2 of the Code of Virginia (1950), as amended. The Authority
shall designate a fiscal agent to act as a trustee of all monies as
it shall receive. The trustee shall hold such monies for the purpose
enumerated in Chapter 57 of Title 15.2 of the Code of Virginia (1950),
as amended, and in this article and shall disburse the same only upon
the duly adopted resolution of the Authority.

If any part, paragraph, section, subsection, sentence, clause
or phrase of this article is held to be invalid by a court of competent
jurisdiction, such decision shall not affect the validity of the remaining
portions of this article, which shall remain in full force and effect
as if this article had been passed with the invalid part or parts,
section, subsection, sentence, clause, or phrase hereof omitted, and
this Council now declares that it would have adopted this article
if such invalid paragraph, part, parts, section, subsection, sentence,
clause or phrase had not been included herein.

There is hereby created a political subdivision of the Commonwealth
of Virginia with such public and corporate powers as are set forth
in the Industrial Development and Revenue Bond Act [Chapter 49, Title
15.2, of the Code of Virginia (1950), as amended], including such
powers as may hereafter be granted from time to time by the General
Assembly of Virginia.

The name of the political subdivision of the Commonwealth created
hereby shall be the Industrial Development Authority of the Town of
Elkton, Virginia, hereafter referred to in this chapter as the "Authority."

The Authority shall be governed by a Board of Directors in which
all powers of the Authority shall be vested and which shall be composed
of seven directors, appointed by the Elkton Town Council. The seven
directors shall be appointed initially for terms of one, two, three
and four years; two being appointed for one-year terms; two being
appointed for two-year terms; two being appointed for three-year terms
and one being appointed for a four-year term. Subsequent appointments
shall be for terms of four years, except appointments to fill vacancies,
which shall be for the unexpired terms. All terms of office shall
be deemed to commence upon the date of the initial appointment to
the Authority, and thereafter, in accordance with the provisions of
the immediately preceding sentence. If at the end of any term of office
of any director a successor thereto has not been appointed, then the
director whose term of office has expired shall continue to hold office
until his successor is appointed and qualified. At any given time,
the Authority's board may contain no more than three members
who are also members of the Town Council or employees of the Town
of Elkton.

Every director shall at the time of appointment, and thereafter,
reside in the Town of Elkton or an adjoining locality. When a director
ceases to be a resident of the Town or an adjoining locality, that
director's office shall become vacant and a new director may
be appointed for the remainder of the term.

The directors shall elect from their membership a Chair, a Vice-Chair,
and from their membership or not, as they desire, a secretary and
a treasurer, or a secretary-treasurer, who shall continue to hold
such office until their respective successors are elected.

Four members of the Board of Directors shall constitute a quorum
of the Board for the purpose of conducting its business and exercising
its powers and for all other purposes, except that no facilities owned
by the Authority shall be leased or disposed of in any manner without
a majority vow of the members of the Board of Directors. No vacancy
in the membership of the Board shall impair the right of a quorum
to exercise all the powers and perform all the duties of the Board.